Choices, Values, and Frames
Choices, Values, and Frames presents an empirical and theoretical challenge to classical utility theory, offering prospect theory as an alternative framework. Extensions and applications to diverse economic phenomena and to studies of consumer behavior are discussed. The book also elaborates on framing effects and other demonstrations that preferences are constructed in context, and it develops new approaches to the standard view of choice-based utility.
Praise for Choices, Values, and Frames
"Daniel Kahneman and the late Amos Tversky have started a new perspective on the traditional e onomic categories of choice, decision, and value. A series of experimental and empirical studies by them and others have rejected traditional e onomic assumptions of rationality. Even more importantly, these scholars have developed alternative generalizations with significant predictive power and have found empirical verification for them. This outstanding collection of studies will make these new results widely accessible."
— Kenneth J. Arrow, Joan Kenney Professor of Economics, Emeritus and Professor of Operations Research, Emeritus, Stanford University